PT&T shuffles leadership
PT&T would come out of its two-decade trading hiatus within the year.
MANILA, Philippines — Telecommunications player PT&T Corp. on Friday announced significant leadership changes, including the resignation of its chair, as it nears the end of preparations to resume trading on the local bourse after more than two decades.
PT&T said in a regulatory filing that its chair, Roberto Ortiz, had stepped down from his position effective yesterday, April 11.
President and CEO James Velasquez also vacated his post to serve Ortiz’s unexpired term. Both will remain board directors, PT&T clarified.
Meanwhile, senior vice president and chief revenue officer Angel Mercado would be acting president until the board of directors elects an official successor.
This comes days after Velasquez confirmed that PT&T would come out of its two-decade trading hiatus within the year, saying they were still securing regulatory approvals.
90 percent complete
According to Velasquez, they were around 90 percent complete with preparations.
PT&T filed for voluntary trading suspension on Dec. 13, 2004, as the aftermath of the 1997 Asian financial crisis had made it difficult for the company to comply with the Philippine Stock Exchange’s reportorial requirements.
READ: PT&T on track to resume trading this semester
In 2023, fresh capital from its shareholders allowed PT&T to erase P12 billion in debt, paving the way for a trading comeback.
PT&T noted that lifting its trading suspension would give it the opportunity to raise funds for expansion, including rollout of fiber optic infrastructure.
Once a big-time player
Founded in 1962 and once a rival of industry giant PLDT Inc., PT&T provides internet and information technology services to businesses in Metro Manila and Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon).
This year, PT&T plans to build a “multimillion-dollar” software laboratory in Makati City with Australian technology partner Netlinkz Ltd., which has a cybersecurity software capable of network monitoring and providing real-time response against online threats.
In pursuing the development of this new facility, Velasquez said there was a “big market” for cybersecurity solutions in the Philippines.
